If There Is No Response in Quantity Demanded to a Change

question 87

Multiple Choice

If there is no response in quantity demanded to a change in price, demand is

• A) perfectly inelastic.
• B) perfectly elastic.
• C) elastic.
• D) unit-elastic.

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Definitions:

Validity

The property of an argument in which the truth of the premises logically guarantees the truth of the conclusion.

Hypothetical Syllogism (HS)

A logical argument consisting of two conditional statements and a conclusion that is logically inferred from them.

Modus Ponens (MP)

A logical rule stating that if a conditional statement ("if p then q") is accepted, and the antecedent (p) is also accepted, then the consequent (q) must be accepted.

Modus Tollens (MT)

A form of logical argument where the contrapositive is taken: if P implies Q and Q is false, then P must also be false.